STOCKS ???? ON VOTES
Cannabis stocks rally on hopes for federal legalization
Tilray and Sundial skyrocketed by more than 55% this week after the announcement that the House will vote on a federal cannabis legalization bill next week, reports Bloomberg.
Canopy Growth and Aurora were also both up by 10%. According to S3 Partners, short sellers in the four stocks are down more than $360 million this week. The Cresco/Columbia deal also helped boost cannabis stocks.
But it will be tough to get the MORE Act through the Senate. “Cannabis legislation is not about the House or the White House,” noted Cowen analyst Jaret Seiberg. “It is all about the Senate.”
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STILL NO GARDENING
Garden State sales delayed again
New Jersey was planning to launch adult-use sales within weeks, but plans have been delayed, reports NJ.com.
The details
- Eight medical dispensaries were going to be permitted to sell adult-use cannabis in April, but that has been put on hold for now
- A total of 68 cultivators and manufacturers have been conditionally licensed, but operations won’t begin until fall of 2022 at the earliest
- The problem? There isn’t enough cannabis to supply both the adult-use and medical markets
So if not now, then when?
The next cannabis commission board meeting isn’t until May 24, but it’s been suggested that there could be a meeting earlier to sort out supply and when dispensaries can start selling.
MATTIO MARKETING
Mattio launches marketing subsidiary
New York-based Mattio Communications has launched a new paid media marketing agency, Mattio+Fiore, led by CEO Rosie Mattio and former Hawke Media head of growth Madison Fiore, according to Benzinga.
Mattio+Fiore will focus on overcoming legal and compliance challenges in paid media advertising, offering services in growth strategy, media buying, email, SMS marketing and creative development.
“Paid advertising remains an underutilized tool in cannabis,” said Fiore, “and after developing campaigns for some of the most respected brands over the past five years, I recognized an opportunity to help businesses navigate this uncharted territory on a larger scale.
OBRIGADO!
Portuguese cannabis exports rise by 566% in 2021
Portugal exported 30 tons of dried cannabis flower in 2021, according to data collected by the National Medical Authority Infarmed, reports BusinessCann.That’s an increase of 566% from 2020, when it exported 4.5 tons.
Nearly all cannabis cultivated by the 18 licensed companies to do so in the country is exported. Another 80 cultivators and processors are awaiting inspections.
Medical cannabis was legalized in 2018, but so far, just Tilray has been authorized to sell products to medical consumers.
